As of today, that median price for a single family home in the Northern Palm Beaches has moved higher rather dramatically to $438,000. If you own a “median” home in the area, on paper it is worth $30,000 more than it was on January 1st. This is the highest price we have seen since 2006 and less than 10% behind the all time record prices set way back in 2005. This is our 3rd straight monthly jump and over that 90 day period prices have soared by almost 11%.
The question is, where do we go from here? Checking in on median condo prices they are not doing as well. In fact, they look sick. As of January 15th they were down to the lowest levels we have seen since March of 2015. Over the same 90 day period that median single family prices soared almost 11% the median condo price has fallen by over 5%.
Sure, we are in the middle of what looks like a very strong season. But so far the stock market of 2016 isn’t making anyone feel real great. Look at interest rates that are down again today to the lowest levels we have seen since May of 2013. Almost 3 years. Interest rates do not fall like this if everything is looking good. The political division in America is getting wider with hotly contested contests in both parties. Interesting times indeed.
Next Monday, Paradise Sharks will publish our February 1st market update and it is going to be interesting. If prices are going to keep rising, we need buyers to start buying. We saw a glimpse of good news in our last report with pending home sales up 6% over the first two week of 2016. We need this strength to continue if prices are to hold these gains and move higher.
If Paradise Sharks can help you make wise real estate decisions please feel free to contact us at 561.308.0175 or firstname.lastname@example.org